I just got off the phone with our bank, we have dropped our interest rate to 5.50 % from 5.75 percent because of interest rates dropping since our loan approved on Tuesday, It cost us 295 dollars to re do the paperwork but it will save us 30 dollars a month, and 10,000 over the life of the loan. We have until title transfer on Oct 25th , then we would have to re finance. I suggest all of you house hunters buy now. Interest rates will probably not get all that much lower..